{"id":140500,"date":"2009-01-09T00:00:00","date_gmt":"2009-01-08T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-gift-tax-vs-mr-ripan-kumar-on-9-january-2009"},"modified":"2015-12-23T21:40:46","modified_gmt":"2015-12-23T16:10:46","slug":"the-commissioner-of-gift-tax-vs-mr-ripan-kumar-on-9-january-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-gift-tax-vs-mr-ripan-kumar-on-9-january-2009","title":{"rendered":"The Commissioner Of Gift Tax vs Mr.Ripan Kumar on 9 January, 2009"},"content":{"rendered":"<div class=\"docsource_main\">Punjab-Haryana High Court<\/div>\n<div class=\"doc_title\">The Commissioner Of Gift Tax vs Mr.Ripan Kumar on 9 January, 2009<\/div>\n<pre>GTR No. 1 of 1984                     1\n\n\n\n\n           IN THE HIGH COURT OF PUNJAB AND HARYANA AT\n                        CHANDIGARH.\n\n                         G.T.R .No. 1         of 1984\n\n                         Date of decision 9.1.2009\n\n\nThe Commissioner of Gift Tax, Jalandhar            ...Petitioner\n\n                         Versus\n\nMr.Ripan Kumar                                            ... Respondent\n\nCORAM:       HON'BLE MR. JUSTICE M.M. KUMAR\n\n             HON'BLE MR. JUSTICE H.S. BHALLA\n\nPresent:     Mr. Vivek Sethi ,Advocate for the petitioner.\n\n\n\n1. Whether Reporters of local papers may be allowed to see the judgement ?\n\n  2 To be referred to the Reporter or not ?\n\n  3 Whether the judgement should be reported in the Digest ?\n\nM.M.KUMAR, J.\n<\/pre>\n<p>             The Commissioner of Gift Tax, Jalandhar has approached this<\/p>\n<p>Court with a prayer for adjudication on the following question of law:<\/p>\n<blockquote><p>             &#8221; Whether on the facts and in the circumstances of the case, the<\/p>\n<p>             Tribunal was right that in valuing the unquoted shares of M\/s<\/p>\n<p>             Kakkar complex P. Ltd. for the purposes of working out the<\/p>\n<p>             value of the deemed gift on 20.3.1979 and 31.3.1979, reference<\/p>\n<p>             should be made to the balance sheet of the said company as on<\/p>\n<p>             31.3.1978 and not with reference to the balance sheet as on<\/p>\n<p>             31.3.1979 ?&#8221;<\/p><\/blockquote>\n<p>      It has been claimed that the afore-mentioned question has arisen out<br \/>\n<span class=\"hidden_text\"> GTR No. 1 of 1984                      2<\/span><\/p>\n<p>of the order of the Tribunal dated 6.2.1984 rendered in GTA No. 3 of 1983.<\/p>\n<p>             Brief facts which emerge from the statement prepared by the<\/p>\n<p>Commissioner are that the assessee had sold during the accounting year<\/p>\n<p>relevant to the assessment year 1979-80, 150 shares (100 shares to Ripan<\/p>\n<p>Kumar son the Karta of the assessee joint family and 50 shares to Ms. Ekta,<\/p>\n<p>another member of the family). He had sold shares @ Rs. 1000\/- per share.<\/p>\n<p>According to the Gift Tax Officer the shares were sold at value of Rs.<\/p>\n<p>2086\/- per shares which was not the full market value. He has applied the<\/p>\n<p>break up formula to reach the value of the share. The full consideration of<\/p>\n<p>the share according to him was calculated at Rs. 3,12,900\/- but the shares<\/p>\n<p>have been sold for a consolidated consideration of Rs. 1,60,000\/-. There was<\/p>\n<p>short fall of Rs. 1,62,900\/- in the consideration. Therefore, the short fall was<\/p>\n<p>considered as deemed gift under the provisions of Section 4(1)(a) of the Gift<\/p>\n<p>Tax Act, 1958. He assessed the deemed gift at Rs. 1,52,900\/- and assessed<\/p>\n<p>the taxable gift accordingly. On appeal, the Commissioner Gift Tax did not<\/p>\n<p>feel persuaded by the argument of the assessee that it was a bona fide sale<\/p>\n<p>which had no element of deemed gift and that the Gift Tax Officer did not<\/p>\n<p>take into consideration the balance sheet of the company as on 31.3.1979.<\/p>\n<p>He did not consider the explanation (1) to Rule 1(D) of the Wealth Tax<\/p>\n<p>Rules, 1957. The balance sheet which was in existence for the year ending<\/p>\n<p>31.3.1978 and the same was required to be taken into account. Accordingly,<\/p>\n<p>the Commissioner found the break up value of the share of M\/s Kakkar<\/p>\n<p>Complex with reference to the balance sheet as on 31.3.1979 at Rs.1,115\/-<\/p>\n<p>instead of Rs. 2,086\/-. He modified the quantum of gift and granted relief to<\/p>\n<p>the assessee.\n<\/p>\n<p>                The Revenue felt aggrieved and challenged the order of the<br \/>\n<span class=\"hidden_text\"> GTR No. 1 of 1984                    3<\/span><\/p>\n<p>Commissioner before the Tribunal. However, the Tribunal upheld the<\/p>\n<p>finding of the Commissioner and dismissed the appeal of the Revenue as is<\/p>\n<p>evident from the perusal of para 4 which reads thus:\n<\/p>\n<blockquote><p>            &#8221; We, first take up the appeal of the Revenue for disposal. We<\/p>\n<p>            are not moved by the plea that it was a transaction of sale only<\/p>\n<p>            and there is no element of gift involved in it, because the sale<\/p>\n<p>            was made to the members of the family. The respondent<\/p>\n<p>            assessee has not been able to rebut this presumption that the<\/p>\n<p>            sale of shares at Rs.1000\/- per share could be made only to a<\/p>\n<p>            member of the family and not to a third party. If there had been<\/p>\n<p>            any sale made to a third party at Rs. 1000\/- per share, the<\/p>\n<p>            assessee could have controverted the plea that the sale to the<\/p>\n<p>            members of the family were not coloured by the element of<\/p>\n<p>            personality. But, having rejected the plea of the assessee, that<\/p>\n<p>            the transaction was one relating to the sale, which had no<\/p>\n<p>            element of gift involved in it, we cannot accept the contention<\/p>\n<p>            of the departmental representative that the CGT had<\/p>\n<p>            misdirected himself in working out the break up value with<\/p>\n<p>            reference to the balance sheet as on 31.3.1978 and not with<\/p>\n<p>            reference to the balance sheet as on 31.3.79. No doubt, he<\/p>\n<p>            supported his plea with the Madras High Court decision<\/p>\n<p>            reported in CGT v. K.Ramesh 141 ITR 462 Kerala High Court,<\/p>\n<p>            on similar facts, have held out in CGT v. H.H.Sethu Parvathi<\/p>\n<p>            Bai 145 ITR 124 that in valuing the shares, the provision<\/p>\n<p>            contained in Explanation (1) could not be ignored. According<\/p>\n<p>            to the provision, the balance sheet to be referred to was that<br \/>\n<span class=\"hidden_text\"> GTR No. 1 of 1984                      4<\/span><\/p>\n<p>            which was available on that date, either indicating the assets<\/p>\n<p>            and liabilities as on the date of sale or the one indicating the<\/p>\n<p>            position of assets and liabilities on a transfer prior to the date of<\/p>\n<p>            the transaction. One balance sheet which was here available on<\/p>\n<p>            23.3.1979 was the balance sheet relating to the date, which fell<\/p>\n<p>            on 31.3.78. It was only with reference to this balance sheet that<\/p>\n<p>            the two parties concerned with the sale, could have reached a<\/p>\n<p>            finding about the valuation of the shares. Accordingly,<\/p>\n<p>            following one of the two views, the Kerala view favourable to<\/p>\n<p>            the assessee, we find no error in the finding of the CGT who<\/p>\n<p>            had reached a break up value of the shares with reference to the<\/p>\n<p>            balance sheet as on 31.3.78. We accordingly, uphold finding of<\/p>\n<p>            the CGT and reject the plea of Revenue to the contrary as of no<\/p>\n<p>            substance and merit.&#8221;<\/p><\/blockquote>\n<p>      Mr. Vivek Sethi, learned counsel for the Revenue has made an<\/p>\n<p>attempt to attack the order of the Tribunal by asserting that the Gift Tax<\/p>\n<p>Officer had rightly assessed the gift tax by applying the break up method.<\/p>\n<p>However, he was not able to explain the view taken by the Division Bench<\/p>\n<p>of this Court in the case of <a href=\"\/doc\/78251514\/\">Commissioner of Gift Tax v. Shakuntla Devi<\/a><\/p>\n<p>(2001) 250 ITR 677. The Division Bench by following the view taken by<\/p>\n<p>the Kerala High Court in the case of CGT v. H.H.Sethu Parvathi Bhai<\/p>\n<p>(1984) 145 ITR 124 (Ker.) has decided the question of law in favour of the<\/p>\n<p>assessee and against the Revenue.          Mr. Sethi, learned counsel for the<\/p>\n<p>Revenue has not been able to cite any contrary view so as to enable us to<\/p>\n<p>differ with the view taken by the learned Division Bench in Shakuntala<\/p>\n<p>Devi&#8217;s case (supra). Therefore, we answer the reference in terms of the view<br \/>\n<span class=\"hidden_text\"> GTR No. 1 of 1984                       5<\/span><\/p>\n<p>taken by the Division Bench in Shakuntala Devi&#8217;s case (supra) in favour of<\/p>\n<p>the assessee and against the Revenue.<\/p>\n<pre>\n\n\n\n\n                                            (M.M.Kumar)\n                                              Judge\n\n\n\n                                            (H.S. Bhalla )\n9.1.2009                                           Judge\n\nokg\n <\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Punjab-Haryana High Court The Commissioner Of Gift Tax vs Mr.Ripan Kumar on 9 January, 2009 GTR No. 1 of 1984 1 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. G.T.R .No. 1 of 1984 Date of decision 9.1.2009 The Commissioner of Gift Tax, Jalandhar &#8230;Petitioner Versus Mr.Ripan Kumar &#8230; Respondent CORAM: HON&#8217;BLE MR. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,28],"tags":[],"class_list":["post-140500","post","type-post","status-publish","format-standard","hentry","category-high-court","category-punjab-haryana-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Commissioner Of Gift Tax vs Mr.Ripan Kumar on 9 January, 2009 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-gift-tax-vs-mr-ripan-kumar-on-9-january-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Commissioner Of Gift Tax vs Mr.Ripan Kumar on 9 January, 2009 - Free Judgements of Supreme Court &amp; 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